Liminal, a wallet that secures digital assets in a simple and efficient way, said it has secured $4.7 million (around Rs 36.1 crore) in a seed funding round led by Elevation Capital.
The round also saw participation from investors like LD Capital, Woodstock, Nexus Ventures as well as crypto ventures like CoinDCX, Hashed, Cadenza Ventures, Vauld, Better Capital and Sparrow Capital.
It was also joined by marquee angel investors like Andreas Antonopoulos, Balaji Srinivasan, Sandeep Nailwal, Jaynti Kanani and Ajeet Khurana, among others.
“We will be using the funds to invest in hiring and product development. With Liminal, we solve the very real problem of securing and scaling digital assets where users have to use different wallets and infrastructure for different protocols. Our three layers provide key management, operational automation, and compliance for enterprises,” said Mahin Gupta, founder, Liminal.
The company claims that in one year of operations, processed transactions over $2.5 billion, automated transactions worth $400 million and has around $50 million in assets under protection.
It counts ZebPay, DIFX and Flitpay as clients and is planning expansion in the Asia-Pacific and Middle East-North Africa regions.
Elevation Capital is a leading venture capital firm which provides seed and early-stage capital for emerging companies in India. It has been investing in India since 2002 deploying almost $2 billion of capital in over 150 companies. The firm announced its eighth pool of capital of $670 million in April this year.
“Rapid adoption of digital assets is going to be driven by multiple new-age crypto businesses and institutions. These businesses are increasingly demanding plug-and-play custody solutions that are built taking their unique needs into account, including security, regulatory readiness and operational efficiency,” said Vaas Bhaskar, principal at Elevation Capital.
